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Tuesday, 23 July 2019

Upfront

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  • Better late than never

    The Korea Housing Finance Corp has finally achieved a long-held goal to issue covered bonds in the euro market. It is, perhaps, a surprise that it didn’t come sooner. US interest rates are rising, and it’s no secret that Europe has a much more liquid covered bond market that the US, which is where KHFC has issued all of its previous deals.

  • Malaysia on hold

    Malaysians like to boast of having the best bond market in Asia, capable of funding even long-term infrastrucure projects in local currency. They now have an awkward question to answer: what happens when the government stops issuing?

  • Hidden dragon

    The latest warning of hidden debts in China’s local government finances will be bad news for government-linked issuers planning to sell bonds offshore.

  • Seismic shifts

    An earthquake in the small hours of Thursday morning gave delegates at the IMF’s annual meetings in Bali an uncomfortable reminder that Asia’s emerging economies remain vulnerable to unforeseen shocks. The financial markets are doing their part, too.

  • Going through the motions

    China's US$3bn sovereign bond issue on Thursday was only its third in the US dollar market since 2004, but after last year's triumphant return it was hard to escape a sense of weariness and déjà vu, with all eyes focused instead on Wall Street's rout.

  • Too bad to fail

    India’s interpretation of “Too big to fail” is looking a little off.

  • Fee for all

    Reading much at all into investment banking league tables is always a dangerous exercise, but Asian underwriting rankings do present some intriguing conclusions around capital flows.

  • One paw forward

    The panda’s endangered status is one of the reasons China has used the animals as diplomatic gifts for centuries. And when it comes to their bond market namesakes, regulators seem equally determined to keep Pandas in scarce supply.

  • Experiments with LSE

    A volatile Chinese brokerage may not be the most obvious candidate for a London listing, but at least it shows that the London-Shanghai Connect proposals are being taken seriously.

  • A Lehman legacy

    It’s fair to say Nomura’s purchase of Lehman Brothers in Europe and Asia, 10 years ago this week, did not work out as well as the Japanese brokerage had hoped. But it’s also unfair to pin the blame entirely on cultural differences: this marriage was doomed from the start.